NEW YORK, Oct 22 (Reuters) - U.S. stock index futures rose
slightly on Monday, indicating the S&P 500 may recover after the
worst one-day decline since late June as investors looked for
direction from the latest earnings and company outlooks.

The benchmark S&P index fell 1.7 percent on Friday, the
biggest daily drop since June 21, after General Electric
and McDonald's, both barometers of the economy, reported
disappointing earnings.

"Today's early futures action is a reaction to a substantial
shock lower on Friday and within the band of expectations, given
the magnitude of the move," said Andre Bakhos, director of
market analytics at Lek Securities in New York.

"Earnings will remain a driving force. As earnings go, so
goes the market, given a lack of a substantial news stream from
the euro zone and economic data."

S&P 500 futures rose 3.8 points and were roughly even
with fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures gained 37
points, and Nasdaq 100 futures added 11.5 points.

Ancestry.com Inc jumped 7.9 percent to $31.49 in
premarket trading after the company said it will be acquired by
a group led by Europe-based private equity firm Permira in a
$1.6 billion deal.

Global apparel group VF Corp posted a bigger
quarterly profit as its outdoor and action sports segment
continued to do well, and margins rose.

SunTrust Banks Inc's third-quarter profit surged as
the bank gained from the accelerated sale of its shares in
Coca-Cola Co that produced a pre-tax gain of $1.9
billion.

Hasbro Inc, the No. 2 U.S. toy company, reported a
lower quarterly profit on Monday, hurt by a fall in sales in its
boys and preschool product lines.

According to Thomson Reuters data through Friday, of the 106
S&P 500 companies that have reported earnings, 62 percent have
topped analysts' expectations, matching the average since 1994
but below the 67 percent average over the past four quarters.
Earnings are expected to fall 1.8 percent in the third quarter
from a year ago.

But top-line expectations have dampened investor optimism,
with 58 percent of companies having missed on revenue
expectations.

Rosneft announced a two-part deal worth around $55
billion that gives British oil company BP a stake of
19.75 percent in the state-controlled Russian energy firm and
two seats on the board, and offers an exit for the TNK-BP's
other shareholders AAR, as well. U.S.-listed shares of BP shed
0.3 percent to $42.96 in premarket.